By Emmanuella Opara | October 14th 2026
KEY POINTS
- -Dangote Petroleum Refinery and Petrochemicals reported $22.5 billion in revenue and $4.73 billion in net profit for the nine months ended September 30, 2026.
- -Revenue rose 144 per cent from $9.2 billion in the corresponding period of 2025.
- -Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to $5.52 billion from $627.6 million.
- -Operating cash flow climbed to $3.68 billion, while the company moved from a net debt position to net cash of $650.8 million.
- -The refinery’s initial public offering (IPO), valued at approximately N2.15 trillion, has been extended to October 27, 2026.
MAIN STORY
Dangote Petroleum Refinery and Petrochemicals has reported a net profit of $4.73 billion on revenue of $22.5 billion for the nine months ended September 30, 2026, marking a turnaround from the loss recorded in the corresponding period of 2025.
The refinery’s unaudited financial results showed that revenue increased by 144 per cent from $9.2 billion a year earlier, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $5.52 billion from $627.6 million.
The company had recorded a loss of $117.2 million in the corresponding period of 2025. Its EBITDA margin also expanded to 24.56 per cent from 6.83 per cent, reflecting improved financial performance.
Operating cash flow rose more than tenfold to $3.68 billion from $364.7 million, while cash balances increased to $6.69 billion from $809.5 million.
The refinery also moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $650.8 million by September 2026, indicating an improvement in its financial position.
Managing Director of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the results to higher refining throughput, improved operational reliability and stronger refining margins.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.
He added that the increase in revenue and EBITDA reflected improvements in the refinery’s commercial operations.
The results also showed continued growth during the third quarter of 2026. Revenue rose from $13.91 billion at the end of June to $22.48 billion by September, indicating third-quarter revenue of approximately $8.57 billion.
EBITDA increased from $2.60 billion at the half-year mark to $5.52 billion at the end of September, representing approximately $2.92 billion generated during the third quarter.
Net profit also rose from $1.82 billion at the end of June to $4.73 billion in September, an increase of about $2.90 billion over the three-month period.
Bird said the performance demonstrated the strength of the refinery’s integrated business model and would support its expansion plans.
“These results reflect the strength of our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy,” he said.
He added that the company would focus on increasing refining capacity, expanding its product portfolio and strengthening distribution networks across African markets.
THE ISSUES
The financial results come as the refinery pursues an initial public offering aimed at expanding African participation in its ownership.
The Securities and Exchange Commission has approved an extension of the offer’s closing date from October 13 to October 27, 2026, to accommodate investor interest and encourage wider cross-border participation.
The IPO comprises 4.1 billion ordinary shares offered at N525 each, placing the value of the offer at approximately N2.15 trillion.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had disclosed that subscriptions had exceeded the company’s original fundraising target.
He said the objective was to broaden African ownership of the refinery rather than focus solely on raising additional capital.
The latest financial results provide investors with information on the refinery’s earnings, cash generation and financial position as the company seeks to attract a wider shareholder base.
The performance also comes as the Dangote Group advances its Vision 2030 expansion programme, which includes increasing refining capacity, expanding petrochemical production and strengthening distribution networks across Africa.
WHAT’S BEING SAID
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” David Bird, Managing Director of Dangote Petroleum Refinery and Petrochemicals, said.
“These results reflect the strength of our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy,” David Bird said.
WHAT’S NEXT
The refinery is expected to continue its IPO process following the extension of the offer’s closing date to October 27, 2026.
Its expansion plans include increasing refining capacity, broadening its product range and strengthening distribution across African markets.
The company’s ability to sustain its financial performance and execute these plans will be important as it seeks to expand its operations and attract more investors.
BOTTOM LINE
Dangote Refinery’s $4.73 billion net profit and $22.5 billion revenue mark a major improvement in its financial performance. Its stronger cash position and ongoing IPO could support its expansion ambitions, while the sustainability of its earnings will remain important to investors assessing the company’s long-term prospects.
